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31 Mar 2026
Oil extends advance as Trump threatens escalation to Iran war
(March 31) : Oil pushed higher after US President Donald Trump threatened an escalation of hostilities against Iran, raising fears the war is far from abating and global markets are poised for further chaos.
West Texas Intermediate rose as much as 2.3% to US$105.21 a barrel after closing at the highest level since 2022 on Monday. Trump said in a social media post that the US will blow up electricity plants, oil facilities and “possibly” desalination infrastructure if Iran doesn’t re-open the Strait of Hormuz.